Brazilian Stock Movers: Bradesco, BR Properties, Copel and Itau
Stock Chart for BR Properties SA (BRPR3)
The following companies had unusual price changes in Sao Paulo trading. Stock symbols are in parentheses and prices are as of 4:15 p.m. New York time. Preferred shares are usually the most-traded class of stock.
The Bovespa Index gained 0.2 percent to 56,381.46.
BR Properties SA (BRPR3) (BRPR3 BS) increased 1.5 percent to 17.51 reais. Banco BTG Pactual SA, whose chief executive officer is billionaire Andre Esteves, and BR Properties agreed to merge their real-estate assets in an all-share transaction. BR Properties will incorporate the real estate assets of BTG and the bank’s WTorre Properties SA unit, BTG said in an e-mailed statement yesterday.
Cia. Paranaense de Energia (CPLE6 BS) climbed 1.2 percent to 35.60 reais. The largest electricity distributor in Brazil’s southern region, known as Copel, was raised to “buy” from “neutral” at UBS AG.
Itau Unibanco Holding SA (ITUB4) (ITUB4 BS) rose 1.7 percent to 28.75 reais. Profit next year may rise 15 percent as interest- rate cuts in Brazil reduce loan delinquencies, Chief Executive Officer Roberto Setubal said in an interview yesterday. Separately, Will Landers, a money manager at BlackRock Inc., said in an interview on Bloomberg Television that his firm bought Itau and Banco Bradesco SA (BBDC4) (BBDC4 BS) yesterday as shares remain attractive. Bradesco climbed 1.3 percent to 28.76 reais.
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